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Any creative strategies or loopholes to circumvent prop 13 reassessment in a lawful manner

Property Tax 10 views 2 answers
When purchasing real property in the state of CA from an unaffiliated third party are there any legal ways to circumvent the reassessment trigger? Any creative strategies to consider?

Attorney Answers

2
Orlando Gotay JrTax LawyerPalm Springs, CA ·
http://www.boe.ca.gov/proptaxes/faqs/propositions58.htm#1 Here's all the information on exclusions from reassessment upon transfer.
0 upvotes
Bruce Givner ·
Adopt the seller as your child. Then you can take advantage of one of the two parent-child exclusions. The first is unlimited for a principal residence. The second is $1,000,000 of assessed value per parent for non-principal residence property.
0 upvotes

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